GSR 705(E) dated 23.9.2014 :- In exercise of the powers
conferred by section 12 of Government Savings Certificates Act, 1959 (46 of
1959) and in supersession of the Kisan Vikas Rules, 1988 except as respects
things done or omitted to be done before such supersession, the Central
Government hereby makes the following rules, namely:-

1.Short
title and commencement:- (1) These rules may
be called the Kisan Vikas Patra Rules, 2014.

(2) They shall come into force
on the day of their publication in the Official Gazette.

2.Definitions:-
In these rules, unless the context otherwise
requires,

(a)“Bank” means an
office or branch of all public sector banks and ICICI Bank, Axis Bank and HDFC
Bank Ltd. and any other office
authorised by the Central Government to receive subscriptions under the Scheme;

means any branch of State Bank of India and its associate banks,
designated branches of Nationalized and other commercial banks, authorized for
Public Provident Fund Scheme.

(g) Words
and expressions used herein and not defined but
defined in Post Office Savings Certificate Rules, 1960 shall have the meanings
respectively assigned to them in those rules.

3.Application
of Post Office Savings Certificate Rules, 1960:- The provisions of Post Office Savings Certificate Rules, 1960 so far as
may be, apply in relation to matter for which no provision has been made in
these rules.

5.Purchase
of Certificate:- Any number of
certificates of the denominations specified in rule 4may be purchased.

6.Types
of certificates and issue thereof – (1) The certificates shall be of the following types, namely:-

(a) Single Holder Type Certificates;

(b) Joint ‘A’ Type Certificates; and

(c) Joint ‘B’ Type Certificates;

(2) (a) A Single Holder Type Certificate may be issued to an adult for
himself or on behalf of a minor or to a minor;

(b) A joint ‘A’ Type certificate
may be issued jointly to two adults payable to both the holders jointly or to
the survivor.

(c) A joint ‘B’ Type certificate
may be issued jointly to two adults payable to either of the holders jointly or
to the survivor.

7.Procedure
for purchase of certificates:- (1) Any person
specified in rule 6, desiring to purchase a certificate, shall present at a
Post Office an application in Form A either in person or through an authorized
agent of thesmall savings schemes at a Post Office or Bank.

(2) Payment for the purchase of a certificate may be made to a Post Office
or Bank in any of the following modes, namely:-

(i)by Cash; or

(ii) by locally executed cheque, pay order or demand draft drawn in
favour of the Postmaster; or

(iii) by presenting a duly signed
withdrawal form or cheque together with the passbook for withdrawal from
Savings Account standing in credit of the purchaser at the same Post Office or
Bank.

8. Issue
of Certificates:- (1) On payment being
made under rule 7, except where payment is made by a cheque, pay order or
demand draft, a certificate shall be issued immediately and the date of such
certificate shall be the date of payment.

(2) Where payment for the
purchase of a certificate is made by cheque, pay order or demand draft, the
certificate shall not be issued before the proceeds of the cheque, pay order or
demand draft, as the case may be, are realized and the date of such certificate
shall be the date of encashment of the cheque, pay order or demand draft, as
the case may be.

(3) If for any reason a
certificate cannot be issued immediately, a provisional receipt shall be given
to the purchaser which may later be exchanged for a certificate and in such a
case the date of certificate shall be the date of the provisional receipt.

9.Transfer
from Post Office to Bank and vice-versa:- (1) A certificate may be transferred from a Post Office or Bank at which
it stands registered, to any other Post Office or Bank to the holder or holders
making an application in the Form B either at Post Office or Bank.

(2) Every such application shall be signed by the holder or holders of
the Certificate:

Provided that in case of Joint ’A’ type Certificates, the application may
be signed by one of the joint holders if the other is dead.

10.Transfer of certificate from one person to
another:- (1) A certificate may be transferred from one
person to another with the consent in writing of an officer of the post office or
Bank as specified in the Table below (hereinafter referred to in these rules as
authorised Postmaster or Bank Officer)

Cases in which
transfer can be sanctioned

Designation
of the officer competent to grant permission for transfer

a.

(i) From
the name of a deceased holder to his heir

(ii) From
a holder to a court of law or to any other person under the orders of court
of law.

(iii) From
a single holder to the names of joint holders of whom the transferee shall be
one.

(iv) From
joint holders to the name of one of the joint holders.

Postmaster of the
post office or Bank Officer of the branch where the certificate stands registered.

b.

From
Single or Joint holders to another person

(2) An authorized Postmaster or Bank Officer as
referred in sub-rule (1) shall give his consent to the transfer of a
certificate only if the following conditions are satisfied, namely:-

(a) the
transferee is eligible under these rules to purchase certificates;

(b) the
transfer is made after the expiry of a period of at least one year from the
date of the certificate or where the transfer is sought before the expiry of
such period, the transfer falls under any of the following categories, namely:-

(i)transfer to a near relative out of natural
love and affection;

Explanation:-
For the purposes of this rule, “near relative”
means husband,wife, lineal ascendent or
descendent, brother or sister.

(ii)transfer in the name of the heir or nominee of
the deceased holder;

(iii)transfer from a holder to a court of law or
to any other person under theorders of
the court of law;

(iv)transfer in accordance with Rule 11;

(v)transfer in the name of survivor in the
event of death of one of the joint holders.

(c)An application for transfer is made in Form B
and is signed by the holder or holders of the certificate;

provided
that in the case of a Joint ‘A’ Type Certificate or a Joint ‘B’ Type
Certificate, the application may be signed by one of the holders, if the other
is dead.

(3) No transfer shall be permitted in respect of
a certificate held by or on behalf of a minor till the minor is alive.

(4) In every case of transfer, other than under
Rule 11, the original Certificate shall be duly and new Certificate bearing the
same date as that of the original Certificate surrendered shall be issued in
the name of transferee.

(1)Transfer of Certificate from one person to
another under this rule shall be permissible.

11.Pledging of certificate:- (1) On an
application being made in Form B by the transferor and the transferee and the
transferee, the Post Master Bank Officer of the office of the registration may,
at any time, permit the transfer of any Certificate as security to -

(a) the
President of India or Governor of a State in his official capacity;

(b) the
Reserve Bank of India or a Scheduled bank or a cooperative society including a
cooperative bank;

(c) a
corporation or a Government company:

(d) a local
authority: and

(e) A
Housing Finance Company approved by the National Housing Bank and notified by
the Central Government.

Provided
that the transfer of a certificate purchased on behalf of a minor shall not be
permitted under this sub-rule unless the parent or the guardian of the minor
referred to in sub-clause (i) as the case may be, sub-clause (ii) of clause (b)
of Section 5 of the Act, certifies in writing, that the minor is alive and that
such transfer is for the benefit of the minor.

(2)When any certificate is transferred as
security under sub-rule (1), the Postmaster or Bank Officer of office of the
registration shall make the following endorsement on the certificate, namely:-

“Re-transferred
to……………………………………………………………………”

12. Nomination:-
(1) Subject to the provision of sub-rules (2) to
(6), the single holder or joint holders of a Certificate may by filling in
necessary particulars in Form C at the time of purchasing the certificate, nominate any person who, in
the event of death of the single holder or both the joint holders, as the case
may be, shall become entitled to the Certificate and to the payment of amount
due thereon and if such nomination is not made at the time of purchasing the Certificate,
it may be made by the single holder, the joint holders or the surviving joint
holder, as the case may be, at any time after the purchase of the Certificate
but before maturity by means of an application in Form
C to the Postmaster or Bank Officer of the office at
which the certificate stands registered.

(2) No nomination shall be made
in respect of a Certificate applied for and held by or on behalf of a minor.

(3) A nomination made by the
holder or holders of a certificate under this rule may be cancelled or varied
by submitting an application in Form D.

(4) Separate application for
nomination or cancellation of a nomination or variation of a nomination shall
be made in respect of certificates registered on different dates.

(5) The nomination or the
cancellation of a nomination or the variation of a nomination shall be
effective from the date it is registered in the post office, which shall be
noted on the certificate.

(6)No fee shall be charged for
the nominations made first time, but a fee of Rs. 20/- per subsequent
nomination or cancellation shall be charged by the Post Office or Bank.

13.Post-maturity Interest:- Where repayment of the amount, inclusive of
interest, under rule 16 has become due has not been made, interest shall be
allowed on the amount due for a maximum period of two years from the
date of maturity to the date of repayment of the amount subject to the
following conditions, namely:-

(a) the
interest shall be simple and shall be calculated at the rate applicable from
time to time to Post Office Savings Accounts of the type of single of joint
account.

(b) For the
purpose of payment of interest, any part of the period which is less than one
month shall be ignored.

(c) The
interest shall be paid to the depositor in lump sum at the time of repayment of
the amount due.

14.Replacement
of lost or destroyed Certificates:- (1) If a Certificate is lost, stolen, destroyed, mutilated, the person
entitled thereto may apply for the issue of a duplicate certificate to the post
office or Bank of issue.

(2) Where an application under
sub-rule (1) has been made to a Post office or Bank other than the Post Office
or / Bank of issue, the said Post Office shall forward such application to the Post
Office or Bank of issue.

(3) Every application under
sub-rule (1) shall be accompanied by:-

(a)a statement showing particulars, such as, numbers, amount and date
of the Certificate and the circumstances attending such loss, theft,
destruction, mutilation or defacement.

(b)identity slip, if any;

(4) If the Postmaster of the Post
Office or Bank Officer of the branch of issue is satisfied as to the loss,
theft, destruction, mutilation or defacement of the certificate, he shall issue
a duplicate Certificate on the applicant’s furnishing an indemnity bond in form
laid down by the Department of Posts or Bank with two sureties or with a bank’s
guarantee;

Provided that where such application is made with respect to a Certificate
mutilated or defaced, a duplicate certificate may be issued without any such
indemnity bond, surety or guarantee, if the Certificate mutilated or defaced is
surrendered and the Certificate is capable of being identified as the one
originally issued.

(5) A duplicate certificate
issued under sub-rule (4) shall be treated as equivalent to the original Certificate
for all the purposes, except that it shall not be encashable at a Post Office or
Bank other than the Post Office or Bank of issue without previous verification.

15.Place
of encashment:- A Certificate shall be encashable
at the Post Office or Bank of its issue:-

Provided that a certificate may be encashed at any other Post Office or
Bank if the Officer-in-charge of that Post Office or Bank is satisfied on verification
from the Post Office or Bank of issue that the person presenting the Certificate
for encashment is entitled thereto.

16.Encashment
on maturity:- (1) The maturity period of a Certificate
of any denomination shall be nine years and four months commencing on the date
of the Certificate.

(2)The amount, inclusive
of interest, payable on encashment of a Certificate at any time after the
expiry of its maturity period shall be Rs. 2000 for denomination of Rs. 1000
and at proportionate rate for any other denomination.

17.Premature encashment:- (1)
Notwithstanding anything contained in rule 16, a Certificate may be prematurely
encashed any time under the following circumstances, namely:-

(a) On the
death of the holder of any of the holders in case of joint holders;

(b) On
forfeiture by a pledgee being Gazetted Government Officer,

(c) When
ordered by a court of law.

(2)If a certificate is encashed under sub-rule
(1) face value of the certificate together with simple interest calculated
atthe rate applicable from time to time
to accounts under Post Office Savings Account Rules 1981 for the complete
months for which the Certificate has been held, shall be payable.

(3) Notwithstanding anything contained in rule 16
or in sub-rule (1), if a certificate is encashed at any time after expiry of
two years and six months from the date of certificate, the amount payable
inclusive of interest shall be as specified in the Table below for denomination
of Rs. 1000 and at a proportionate rate for any other denomination.

18.Discharge of certificate:- (1) The
person entitled to receive the amount due under a Certificate shall, on its
encashment, sign on the back thereof in token of having received the payment.

(2) In the case of a Certificate purchased on
behalf of a minor who has since attained majority, the Certificate shall be
signed by such a person himself or herself, but his or her signature shall be
attested either by the person who is known to the Post Master or Bank Officer.

19.Rectification of mistakes:- The Postmaster
General of a Postal Circle or the Regional or Zonal Manager of the Bank in
their respective jurisdictions, may either suo moto or upon an application by
any person interested in any Certificate issued in pursuance of these rules,
rectify any clerical or arithmetical mistake with respect to that Certificate,
provided that it does not involve any financial loss to the Government or to
any such person.

20.Power to relax:- Where the
Central Government is satisfied that the operation of any of the provisions in
these rules causes undue hardship to the holder or holders of a Certificate, it
may, by order, for reasons to be recorded in writing, relax the requirements of
that provision in a manner not inconsistent with the provisions of the Act.